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Mining exploration startup Earth AI raised a $20 million Series B to discover new mineral and metal deposits. 

Why it matters: Companies need plenty more raw materials to build the engines of the green energy transition.

The big picture: An International Energy Agency report says "Clean energy technologies are set to become the fastest-growing segment of demand for most minerals."

Demand for the battery mineral lithium, for example, could jump 13x — or even 51x — by 2040 as battery-powered vehicles, generators and other systems gain traction.

How it works: Earth AI has developed software to locate minerals and metals, and then drills to confirm the findings.

Zoom in: Tamarack Global and Cantos Ventures led the round, which closed in December. Overmatch, Alpaca, Sparkwave Capital, and insiders Y Combinator and Scrum Ventures also participated.

Flashback: Earth AI previously raised $18 million, including a $5.8 million SAFE round in early 2024.

Between the lines: The startup distinguishes itself from unicorn Kobold Metals, the big kahuna in green mining exploration, by using a search process that's initially less precise but more efficient over large areas.

"Kobold runs multiple specialized surveys to collect data," CEO Roman Teslyuk tells Axios.  "We do indirect detection. ... Where there's an extremely data-poor environment, it highlights a spot on the map."

The latest: Earth AI, based in San Mateo, Calif., and Stanmore, Australia, has made four discoveries since it started drilling two years ago. 

It's focusing on Australia, where it either finds deposits independently and then sells the mining rights, or partners with an existing mining license holder and collects a royalty on what it finds.

Exclusive: Earth AI raises $20M to find mineral deposits

Tamarack and Cantos led the all-equity round.

an illustration of a pick axe with one of the pick ends shaped like a lightning bolt

Mining exploration startup Earth AI raised a $20 million Series B to discover new mineral and metal deposits. Why it matters: Companies need plenty more raw materials to build the engines of the green energy transition.

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Exclusive: Earth AI raises $20M to find mineral deposits

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